Property Preservation Company Allegedly Fails To Conduct Due Diligence On New Hires

    Foreclosure ExpertThis case involves alleged misconduct by a mortgage servicer, its property preservation vendor management company, and various subcontractors. The mortgage servicer hired a major property preservation firm. Once hired, the preservation company allegedly hired additional subcontractors without properly vetting them. Those subcontractors caused significant damage to the property in question, including theft and vandalism. It was later discovered that several of the subcontractors had criminal records, and at least one had been convicted for theft.

    Question(s) For Expert Witness

    • 1. Do you have extensive knowledge of the guidelines and appropriate industry standards on property preservation?
    • 2. What are the best practices for the vetting and supervising of subcontractors?

    Expert Witness Response E-008940

    I am a real estate and bankruptcy law professor, and I have worked on distressed real estate for 20+ years. I am familiar with residential loan servicing standards and property preservation. I have extensive knowledge of contract and mortgage law, and I know the requirements of the common law of property. I have been published on real estate and mortgage law, including publication in a law school casebook and a monthly newsletter. My scholarship is focused on foreclosure and creditor remedies, as well as real estate bankruptcy. I have served as an expert witness on other cases involving commercial mortgage loans.

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